524 Leeds Ave · Indianapolis city (balance), IN 46203

$109,900

2 bd · 1.5 ba · 920 sqft · SingleFamily public records · 7 Days on market

Built 1949 5,358 sqft lot Est $172k · 36% under

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +22.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +6.2/10.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this cozy single-family home located on the south side of Indianapolis. Built in the late 1940s, this property offers a functional layout with comfortable living spaces and a classic design that reflects its era. The home features a practical floor plan with a bright living area, an efficient kitchen, and well-sized bedrooms. Situated on a quiet residential street, the property provides a peaceful setting with a manageable yard suitable for outdoor enjoyment or future improvements. Conveniently located near major roadways, schools, parks, and shopping, this home offers easy access to downtown Indianapolis and surrounding areas. This property presents a great opportunity for homeo

Key facts

• 5,358 sq ft lot
• 2 garage spots
• Built 1949

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 8.2% vs local median 4.4% in Indianapolis city (balance) — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Indianapolis Public Schools (urban): math 14% / reading 20% proficiency, ranked #286 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: William Mckinley School 39 (math 23% / reading 15%, grade F, #829 of 994 statewide, top 84%, 369 students, 76% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 78% FRL track the district average.
• Market conditions: Rents rising (+2.9%/yr); 500 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Marion County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,900

Questions for the listing agent

1. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
4. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 8.23%
• Cash-on-cash: 6.91%
• DSCR: 1.31
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $172,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
543 Leeds Ave	0.04mi	2/1.0	856 (-7%)	13mo	$172,500	$202	74
917 St Peter St	0.39mi	2/1.0	913 (-1%)	9mo	$90,000	$99	71
274 Leeds Ave	0.28mi	3/2.0 (+1)	936 (+2%)	12mo	$100,000	$107	67
3106 Newton Ave	0.53mi	3/2.0 (+1)	912 (-1%)	1mo	$95,500	$105	66
2251 English Ave	0.32mi	3/1.0 (+1)	960 (+4%)	10mo	$179,900	$187	62
425 S Oakland Ave	0.31mi	2/1.0	834 (-9%)	13mo	$105,000	$126	58
1917 Fletcher Ave	0.54mi	2/1.0	980 (+6%)	13mo	$240,000	$245	51
331 S Oakland Ave	0.36mi	3/1.0 (+1)	1,056 (+15%)	5mo	$135,000	$128	47
1118 Churchman Ave	0.61mi	2/2.0	812 (-12%)	7mo	$244,000	$300	44
3780 E Pleasant Run Parkway North Dr	0.75mi	3/1.0 (+1)	1,026 (+12%)	3mo	$136,000	$133	36
1641 Deloss St	0.71mi	3/1.5 (+1)	1,038 (+13%)	9mo	$205,000	$197	33
1145 Villa Ave	0.71mi	3/2.0 (+1)	1,044 (+14%)	8mo	$299,900	$287	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-6,632
• Equity at exit: $16,386

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $8,317
• Equity at exit: $9,502

Cash invested: $30,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 500
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,235 high
• Mortgage (P&I): −$576
• Tax from tax record: −$177 /mo · $2,120/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $177

Break-even live

Break-even rent $1,011

Max offer price $109,900

Occupancy floor 81%

Sensitivity live

Price	-10% $239	-5% $208	+0% $177	+5% $146	+10% $115
Rent	-10% $80	-5% $128	+0% $177	+5% $226	+10% $275
Rate	-1.0pp $232	-0.5pp $205	base $177	+0.5pp $149	+1.0pp $120

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	13d	1	0.08mi
453 S Keystone Ave Indianapolis, IN	2.0	1.5	950	$1,150	$1.21	0d	1	0.18mi
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	9d	1	0.22mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	45d	1	0.24mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	45d	1	0.26mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	45d	1	0.27mi
2230 Woodlawn Ave Indianapolis, IN	2.0	1.0	924	$1,350	$1.46	45d	1	0.44mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	25d	1	0.44mi
225 Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	45d	1	0.45mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	25d	1	0.46mi
423 Villa Ave Indianapolis, IN	1.0	1.0	593	$799	$1.35	25d	1	0.50mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	45d	1	0.50mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	16d	1	0.51mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	9d	1	0.51mi
1011 Harlan St Indianapolis, IN	2.0	2.0	1008	$1,525	$1.51	45d	1	0.54mi
1013 Harlan St Indianapolis, IN	2.0	1.0	1008	$1,475	$1.46	45d	1	0.54mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	9d	1	0.54mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	12d	1	0.56mi
1912 Lexington Ave Unit 1910B Indianapolis, IN	1.0	1.0	660	$850	$1.29	45d	1	0.56mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	45d	1	0.59mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	45d	1	0.59mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	6d	1	0.64mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	46d	1	0.68mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	25d	1	0.68mi
518 S State Ave Indianapolis, IN	2.0	1.0	900	$725	$0.81	45d	1	0.68mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	45d	1	0.72mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	12d	1	0.72mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	25d	1	0.76mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	15d	1	0.78mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	15d	1	0.79mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	45d	1	0.80mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	14d	1	0.85mi
1449 Fletcher Ave Indianapolis, IN	2.0	2.0	1000	$2,000	$2.00	19d	1	0.87mi
225 N Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	45d	1	0.87mi
235 N Oakland Ave Indianapolis, IN	2.0	1.0	800	$1,000	$1.25	45d	1	0.88mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$725	$1.12	23d	1	0.89mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$699	$1.08	0d	1	0.89mi
313 Eastern Ave Indianapolis, IN	2.0	1.0	1040	$950	$0.91	23d	1	0.91mi
3518 Terrace Ave Indianapolis, IN	3.0	1.0	864	$1,300	$1.50	45d	1	0.93mi
228 N Randolph St Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	45d	1	0.94mi

Listing history 2 events

1. 2026-04-24
   status Pending
2. 2026-04-17
   listed $109,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $2,120 · $177/mo
• Projected year-2 tax: $2,120 · $177/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,824
• − Mortgage interest: −$6,156
• − Property taxes: −$2,120
• − Insurance: −$550
• − Repairs & maintenance: −$1,186
• − Management: −$1,186
• − Depreciation: −$3,197
• Taxable income: $430
• Est. tax owed @ 24.0%: −$103
• After-tax cash flow: $2,023/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Indianapolis Public Schools
• NCES district ID: 1804770
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $32,034
• Composite: 13.69/100
• National rank: #9499
• State rank: #286 of 301 in IN

Livability — Indianapolis city (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Indianapolis city (balance), IN
• County: Marion County · 998,460 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 1,025,572 people
• By 2030: 1,065,727 · +3.9%
• By 2040: 1,141,577 · +11.3%
• By 2050: 1,208,920 · +17.9%
• By 2075: 1,367,288 · +33.3%
• By 2100: 1,438,201 · +40.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 1%

Political lean MEDSL · Marion

• 2024 margin: Strong D (+27.7) · D 63.0% · R 35.3% · Other 1.7%
• 2008→2024 swing: -0.7pp no change · 2008: 28.4pp · 2024: 27.7pp
• All cycles: 2024: D+27.7 2020: D+29.1 2016: D+22.8 2012: D+22.2 2008: D+28.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• Metro: Indianapolis-Carmel-Anderson, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

2 events — show timeline

• 2026-04-24 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-17 Listed $109,900 MIBOR as Distributed by MLS Grid

Property tax history

+18.8%/yr

Latest (2025): $2,120 · +13.4% YoY. Source: county tax records.